Ferrellgas, L.P., the operating partnership of Ferrellgas Partners, L.P. (FGP) announced that it reached an agreement with TPG Specialty Lending, Inc., the administrative agent under its senior secured credit facility regarding alleged events of default that occurred under the credit facility. 

Pursuant to the agreement with TPG, the credit facility was amended and modified to (1) increase the $300 million revolving credit facility sub-limit for issuance of letters of credit from $125.0 to $140.0 million, (2) modify the definition of Consolidated Non-Acquisition Capital Expenditures to provide an exclusion for payments made during construction of vehicles used for propane delivery and related service when those payments are reimbursed upon the creation of operating leases for these vehicles provided that certain conditions are met, and (3) waive any prior Event of Default that have or would otherwise have occurred solely by reason of the failure to (a) deliver an unqualified report of Grant Thornton, the Company’s independent registered accounting firm, as to going concern with respect to the audited financial statements of Ferrellgas and its subsidiaries for the fiscal year ended July 31, 2019, and (b) timely deliver financial statements of Ferrellgas for the fiscal quarter ended July 31, 2019 and related compliance certificate.

Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico.